Business Wire India
Weizmann Forex Limited, a leading player in the foreign exchange and inward remittances space in the country, today announced that it has been awarded licenses to operate foreign exchange counters across Hyderabad, Goa, Cochin, Chandigarh and Mumbai airports. Out of these five cities, the company has received exclusive rights for Goa and Hyderabad airports for six and five counters respectively. In these 5-cities the company has received mandates for 3-years at three and 5-years at two airports respectively. With these additions, Weizmann Forex has significantly increased its presence in India’s most demand dense and fastest growing airports by now operating 18 airport forex counters across the country.

Weizmann Forex’s first foray in the space of airport foreign exchange counters started in 2012 at Mangalore, and it is now in a position to serve over 81 million passengers across these additional five airports. The company is committed to delivering best-in-class services and products at competitive rates. These counters will provide in-bound and out-bound passengers with Weizmann Forex’s entire range of diversified offerings including Foreign Currency Notes, Prepaid Foreign Currency Cards, and Travellers’ Cheques.

Weizmann Forex has designed its airport counters to be technologically advanced and aesthetically pleasing, blending in with the architecture of the airport terminal buildings while also establishing distinct visibility for the Weizmann Forex brand. Further, demonstrating continued commitment to environmental sustainability, Weizmann Forex has used 75% of materials in the construction of these new counters from reclaimed wood.

Commenting on the development, Mr. B. Karthikeyan, Managing Director - Weizmann Forex Limited said: “As part of our strategy, we are committed to serving our customers through multiple touch points in an omni-channel distribution strategy that covers its digital website, substantial branch network and a renewed focus on airports. We have increased our presence across various Indian airports which will significantly enhance our brand visibility while enabling us to serve more walk-in customers. Going beyond business objectives, we remain conscious about our customers’ need for convenient access, the need of our airport partners to provide world-class ambience and experience and also our own objective as a responsible company to protect the environment for ourselves and for our future generations. We are committed to staying in the path of the relevance of our customers by providing new, innovative and value-added offerings, helping us strengthen our position as a leading player in the forex and remittances space.”
About Weizmann Forex Limited (WFL)

Weizmann Forex Limited (WFL) (NSE: WEIZFOREX; BSE: 533452) is a leading player in the foreign exchange and Inward remittances space. The company operates a diversified portfolio focused on Foreign Exchange, International & Domestic Money Transfer, and Import and Export Payment Solutions. An RBI Authorized Category II Dealer and Full Fledged Money Changer, WFL has a network of 200+ branches and 59,000+ customer touch points spread across all 640 districts in India along with leading global agent partnerships for its inward remittances business.

The company’s large-scale and established logistics network for physical transfer of notes along with track record of compliance and security is backed by strong market intelligence that facilitates enhanced risk management and provides greater operational control.

Weizmann Group has established a strong brand over 30 years of operations with over 28 million satisfied customers. The company offers multiple currencies and an extensive range of services and products for retail/corporate/wholesale customers including purchase & sale of Foreign Currency Notes, Prepaid Multi-currency International Cards and Travellers’ Cheques. The company also provides inbound/outbound remittance services focused on a range of verticals and significant usage segments. WFL is the largest principal agent network of Western Union Money Transfer for its remittance business in terms of branch network. WFL is leveraging its strong network to enhance value proposition by adding more products like travel insurance, trade remittances, tour and travel related services, domestic money transfer etc. and digitally enabling usage expansion through a Tech Enabled Multi-Service Business Solution and Payments platform.

Disclaimer

This presentation is not, and nothing in it should be construed as, an offer, invitation or recommendation in respect of the Company’s credit facilities or any of the Company’s securities, or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy, the facilities or any of the Company’s securities in any jurisdiction. Neither this presentation nor anything in it shall form the basis of any contract or commitment. This presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate.

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The financial information included in this presentation is preliminary, unaudited and subject to revision upon completion of the Company's closing and audit processes. This financial information has not been adjusted to reflect the outcome of any reorganization of the company’s capital structure, the resolution or impairment of any pre-petition obligations, and does not reflect fresh start accounting which the company may be required to adopt.

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